Question

Find the amount of money owed at the end of 3 years if $7,400 is borrowed at 6.5% per year compounded quarterly and no payments are made on the loan. (Simplify your answer completely. Round your answer to the nearest cent.)

Answer 1

Answer:

=$8979

Step-by-step explanation:

P= $7400

T= 3 years

R= 6.5%

we know,

A=P(1+R/400)^4t

or, A=7400 (1+6.5/400)^4×3

or, A=7400 (1+0.01625)^12

or, A=7400 ×( 1.01625)^12

or, A=8979.216

A=$8979